This morning at 11:30am, Statistics SA released our Second Quarter GDP figures, showing growth of 3.1% (QoQ) versus forecasts of 2.4% and a previous reading of -3.2%. As a proxy for GDP banking shares set up well for a bullish reversal. This afternoon I am looking at Absa as a short term buying opportunity.
Key Technical Drivers:
- Developing a double bottom
- RSI trending higher, attempting to break above the bullish 50 zone
- Money Flow Index forming a positive, upward trend
- Clearing shorter term upward trending moving averages
Trading Plan:
Buy ABG at current levels, R154.01 (or better)
Use a stop-loss of R149.70 to protect capital
Take profit at or near R161.50
Key Technical Drivers:
- Developing a double bottom
- RSI trending higher, attempting to break above the bullish 50 zone
- Money Flow Index forming a positive, upward trend
- Clearing shorter term upward trending moving averages
Trading Plan:
Buy ABG at current levels, R154.01 (or better)
Use a stop-loss of R149.70 to protect capital
Take profit at or near R161.50
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.